Mt. Vernon Register-News

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June 5, 2014

Finance companies receive fines

SPRINGFIELD — Four Mt. Vernon financial institutions have received fines by the Illinois Department of Financial and Professional Regulation.

The enforcement orders were signed in April, according to an IDFPR news release.

Midwest Title Loans Inc. was fined $1,000 because the lender did not obtain any official documentation of the borrower’s income before making a payday or title-secured loan, information states.

Title Cash of Illinois Inc. was fined $1,150 for improper simple interest calculations. Information states the licensee did not send the borrower a notice of the Right to Redeem with all required information.

Sun Loan Co. No. 2 was fined $2,325 for accepting a post-dated check for a small consumer loan. Information states the lender did not obtain borrower’s most recent income documentation available at the time the loan was made and the lender did not obtain any official documentation of the borrower’s income before making a small consumer loan.

World Finance Corp. of Illinois was fined $1,000 because the lender made a small consumer loan for which the total of all payments to be made in any month on the loan exceeds 22.5 percent of the consumer’s gross monthly income, the department reported.

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